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Jim Henderson wrote:
> On Thu, 07 Aug 2008 09:49:24 -0700, Darren New wrote:
>
>> Jim Henderson wrote:
>>> I don't want to owe that
>>> kind of money on an unsecured loan of any kind. I'd much rather have
>>> things paid off (that's a really good feeling to have).
>> That's good. But better an unsecured loan than a secured loan! :-)
>
> Well, from a credit standpoint, a secured loan like an equity line (where
> the "security" is the property) makes good sense.
Sure. I just meant that all else being equal, having the person you owe
money to being unable to do something about it if you don't pay them
back is a good thing. :-)
Of course, it's easier to get a lower rate and more money on a secured
loan.
> I have heard some
> people use the equity in their homes to make money (by investing it), but
> that seems a little risky to me.
Everything that makes you money is risky. It's a matter of whether the
payment is worth the risk.
> But using that money appropriately is the key - using it to enhance the
> value of the property through improvements seems to be the best route to
> go.
It certainly doesn't hurt. Even better is saving up, *earning*
interest, *then* putting the roof on, if you can wait.
> types of "secured" credit cards (where you pay money as a security
> deposit and then your limit is set to what you put down as a deposit).
The quotes shouldn't be around "secured" but around "credit" there. It
isn't a credit card if you're not borrowing the money.
--
Darren New / San Diego, CA, USA (PST)
Ever notice how people in a zombie movie never already know how to
kill zombies? Ask 100 random people in America how to kill someone
who has reanimated from the dead in a secret viral weapons lab,
and how many do you think already know you need a head-shot?
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